That's one good reason wages are "sticky down". (Assuming that the people who say wages are sticky down are correct.) (Wages and other prices, probably.)

If that's true, then inflation helps debtors and deflation doesn't.

So I'm thinking that the more debt there is in an economy, the stronger is the stickiness of the sticky down. Nobody wants to accept a wage cut. But the more debt we have, the more important it becomes to avoid the wage cut.